Topic: Will other countries adopt Bitcoin as legal tender after El Salvador's recent mo (Read 415 times)
July 08, 2021, 08:34:39 PM
It is only a matter of time. El Salvador succeeded, and the third world countries will follow. The best way is that a big country like the United States adopts Bitcoin as legal currency, which will greatly accelerate the process of Bitcoin legalization.
July 08, 2021, 04:04:55 PM
A lot of countries don't have a real strategy towards dealing with cryptocurrency in general, either they make it ilegal because they don't have the resources to track or deal with the transactions which is what many countries are doing currently, or they accept it and let the people do what they want with it and use it as a p2p payment system, i really don't think that any major countries will adopt it as a supported payment system at least not publicly, but in small countries where the local currency and the economic system is having some problems maybe bitcoin would be a very good option to consider as a replacement.
That's certainly true, mate. Not every country has the resources to be able to adopt Bitcoin as legal tender. Even those that do have the resources don't feel the need to embrace Bitcoin because their Fiat currencies are still going strong. It's very unlikely developed countries like the United States, the United Kingdom, and Germany will adopt Bitcoin as legal tender or a replacement of Fiat. Heavy-handed regulations will be inevitable in the long run as governments try to prevent money laundering and tax evasion. Let's hope more countries join the game after El Salvador's recent move. Just my thoughts
June 30, 2021, 02:30:30 PM
A lot of countries don't have a real strategy towards dealing with cryptocurrency in general, either they make it ilegal because they don't have the resources to track or deal with the transactions which is what many countries are doing currently, or they accept it and let the people do what they want with it and use it as a p2p payment system, i really don't think that any major countries will adopt it as a supported payment system at least not publicly, but in small countries where the local currency and the economic system is having some problems maybe bitcoin would be a very good option to consider as a replacement.
June 30, 2021, 01:25:18 PM
according to my estimation in the near future, it is likely that other countries will not follow in el salvador's footsteps in legalizing bitcoin, as a legal tender, because considering that other developed countries are still using fiat currency, and are still looking for profit in fiat currency. .
- For the major economies, it will be difficult for countries in this region to follow suit in legalizing bitcoin because their cash is valuable to the community, some of the changes make it difficult to adapt, sometimes these countries also can't explain bitcoin and its opportunities and to be safe, incorporating bitcoin into their economy will need more reasons and a few experimental proofs like other small countries. That means some small and neighboring economies in the El Salvador region will be inclined to follow 
June 30, 2021, 12:55:29 PM
it is very difficult to predict whether other countries will accept bitcoin as a legal currency, like what elsavador
did.This is indeed interesting to discuss.of course large countries such as China and the United States will continue to monitor small countries in advantages in using bitcoin, if the country is successful it will be interesting to follow the continuation of these big countries
did.This is indeed interesting to discuss.of course large countries such as China and the United States will continue to monitor small countries in advantages in using bitcoin, if the country is successful it will be interesting to follow the continuation of these big countries
June 30, 2021, 11:50:28 AM
OP, I feel that there are a lot of thing a country's government should consider if it want to legalize bitcoin as a legal tender. Meanwhile, the fiat system that most people consider problematic is still very much wanted to be maintained because the government cannot fully control the bitcoin network. It's well known that government always want to control thing so they're centralized, but with bitcoin they definitely won't be able to do that.
I just think that adoption and legalization are two different thing. Meanwhile, El-Salvador is not the only country that has legalized bitcoin as a mean of payment because previously several other countries also gave freedom to business people to adopt bitcoin as a mean of payment as did Tesla and other companies that adopted bitcoin.
I just think that adoption and legalization are two different thing. Meanwhile, El-Salvador is not the only country that has legalized bitcoin as a mean of payment because previously several other countries also gave freedom to business people to adopt bitcoin as a mean of payment as did Tesla and other companies that adopted bitcoin.
June 30, 2021, 08:45:01 AM
I think that the way governments should handle Bitcoin is through regulation, not elimination. Each government will approach the Bitcoin phenomenon in a different way. In most countries, the only real concern is money laundering and illegal transactions. If the government is able to keep its grasp on the use of Bitcoin, then they will prefer to stay out of its way.
If Bitcoin is to become a global standard, will it be through the cooperation of national governments?
If Bitcoin is to become a global standard, will it be through the cooperation of national governments?
June 30, 2021, 08:38:58 AM
according to my estimation in the near future, it is likely that other countries will not follow in el salvador's footsteps in legalizing bitcoin, as a legal tender, because considering that other developed countries are still using fiat currency, and are still looking for profit in fiat currency. .
June 30, 2021, 08:00:06 AM
Examples of countries where this is happening is Zimbabwe / Yugoslavia / Venezuela / Hungary ...where they are struggling with hyperinflation.
Yugoslavia has not existed for 30 years, and you claim that they are doing something with Bitcoin there? Furthermore, what kind of hyperinflation are you talking about when it comes to Hungary?
The US Dollar is still powerful even with Bitcoin in play. What could happen is that developed countries back their currencies to the value of 1 Bitcoin. If they did it with Gold, they can do it with Bitcoin.
You still dream about things that are practically incompatible, because gold has been there for thousands of years and has nothing to do with Bitcoin - it is essentially a threat to the current system, not a solution the way you imagine it.
June 30, 2021, 07:27:16 AM
it is possible to legalize bitcoin but who knows when, if bitcoin can beat fiat, one thing is impossible because fiat is a legal tender in every country and cannot be replaced because fiat in every country is different
June 30, 2021, 07:12:59 AM
Looks difficult for other countries to adopt crypto the way El-Salvador adopted cryptocurrency. This country has a population of only 6 million so it is quite easy for its President to carry out such reforms. But for bigger countries, it might not be as easy as El-Salvador. But some smaller countries like Malta, Curacao or Vanuatu etc may consider the same, but bigger countries will have to go through a lot of changes for the to aopt cryptos. Remember, legalizing and adoption are not the same thing!
I don't think that population plays any role here. El Salvador was able to give the status of legal tender to Bitcoin, because it doesn't have a national currency. For the last two decades, they are using USD as the national currency. That is not the case with the countries you have listed out (such as Malta, Curacao or Vanuatu). If they make Bitcoin the legal tender, then Bitcoin will be competing against the national currencies. And for the government, this is not going to be a very viable situation. It will ultimately result in the devaluation of the national currency.
June 30, 2021, 07:11:30 AM
El Salvador became the first country in the world to adopt Bitcoin as legal tender. In a time where Fiat currencies are devaluing because of inflation, this is a pretty smart move. It's no secret that cryptocurrencies are becoming extremely popular in third-world countries. If this keeps up, Bitcoin may be able to destroy Fiat in its entirety.
Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
Probably some more countries who are also facing the unstable economic conditions might be studying about adopting bitcoins by leaving off their fiats. I have read at least 10+ countries are making use of USD as their local tender and I'm sure such countries are next candidates to become the successors of El Salvador.Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
I'm just praying to God that the economic growth of El Salvador will be sustaining in coming years so that other countries will be following it to adopt bitcoins as legal tender. But I'm not seeing any reasons for its economy to be getting worsen from the current state just because of adopting bitcoins so definitely more countries will copy.
June 30, 2021, 07:01:27 AM
El Salvador became the first country in the world to adopt Bitcoin as legal tender. In a time where Fiat currencies are devaluing because of inflation, this is a pretty smart move. It's no secret that cryptocurrencies are becoming extremely popular in third-world countries. If this keeps up, Bitcoin may be able to destroy Fiat in its entirety.
Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks
Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks
Looks difficult for other countries to adopt crypto the way El-Salvador adopted cryptocurrency. This country has a population of only 6 million so it is quite easy for its President to carry out such reforms. But for bigger countries, it might not be as easy as El-Salvador. But some smaller countries like Malta, Curacao or Vanuatu etc may consider the same, but bigger countries will have to go through a lot of changes for the to aopt cryptos. Remember, legalizing and adoption are not the same thing!
June 30, 2021, 06:54:17 AM
Bitcoin is the most promising crypto in the space so why it can't convince people to join wherein how it works and how it can guarantee profits despite of the situation..*buy low and sell high" is the common way why most enthusiast followed the trend. So there's no way people will not follow el Salvador, once they saw bitcoin is making improvements because of them....
the best example of this is within our family. I know for sure that not all of your family member thinks that Bitcoin is another form of currency but somewhat they think it was just a scam thing. Well, that it was hard to convince those few numbers, how much more for about a million individuals? The huge adoption had to come when we eliminate the doubts and look forward to the best, and to see how useful it was in a new era. It can be just a form of investment today but for sure, it become a currency accepted globally in the future.
June 30, 2021, 05:55:33 AM
Bitcoin is the most promising crypto in the space so why it can't convince people to join wherein how it works and how it can guarantee profits despite of the situation..*buy low and sell high" is the common way why most enthusiast followed the trend. So there's no way people will not follow el Salvador, once they saw bitcoin is making improvements because of them....
June 30, 2021, 05:17:01 AM
I am more than sure that Venezuela with this economic model should clearly use the crypt together with the fiat currency
June 30, 2021, 05:03:11 AM
it can be said that what elsavador did was very accurate by legalizing crypto currency in their country, maybe we can breathe a little easier with what the country is doing, with recognition from other countries this will have a very big impact positive.when other countries do not want to adopt the currency, hopefully this is the first step that will be followed by other countries in the world, because with many governments prohibiting the circulation of bitcoin in their respective countries it could be later they will be willing to accept bitcoin as legal tender
June 30, 2021, 04:52:14 AM
for other poor countries it is possible, but for big countries like America, China and countries in Europe they will not do it. legalizing bitcoin as a means of payment is a difficult thing to accept. they fear the rate of money laundering will increase, because bitcoin is essentially decentralized. they may prefer to make their own version of digital money using blockchain. they want to have control so that there are no financial problems in their country.
The problem with that though is that poor countries doesn't have enough funds or infrastructure to support or sustain the adoption for a long-term which is problematic because that means that a lot of their projects that was funded by the taxes of the people will only be put into waste because it didn't last.I know so far after accepting legalizing bitcoin in EI Salvador, some countries are thinking Bitcoin legitimacy in their country. Brazil, Poland, venuzuella, and hangerry.... Are ready to permit Bitcoin as their transactions systems in all spheres in life.
We can't really trust the interest in countries until the law of the country support it. Paraguay was close to it few days ago but a different news is in the media, although, the world Bank has given smaller countries the opportunity to adopt it but it looks more like an experiment with them. June 30, 2021, 03:56:35 AM
for other poor countries it is possible, but for big countries like America, China and countries in Europe they will not do it. legalizing bitcoin as a means of payment is a difficult thing to accept. they fear the rate of money laundering will increase, because bitcoin is essentially decentralized. they may prefer to make their own version of digital money using blockchain. they want to have control so that there are no financial problems in their country.
The problem with that though is that poor countries doesn't have enough funds or infrastructure to support or sustain the adoption for a long-term which is problematic because that means that a lot of their projects that was funded by the taxes of the people will only be put into waste because it didn't last. 
June 29, 2021, 11:23:17 PM
for other poor countries it is possible, but for big countries like America, China and countries in Europe they will not do it. legalizing bitcoin as a means of payment is a difficult thing to accept. they fear the rate of money laundering will increase, because bitcoin is essentially decentralized. they may prefer to make their own version of digital money using blockchain. they want to have control so that there are no financial problems in their country.
These are just excuses being meted out to support the fiat currency. I don't think that Bitcoin has any such characteristic which makes it attractive to money laundering. The prime choice to launder money is physical cash. None of the other mediums even come close. In case of Bitcoin, each and every transaction is recorded in the Blockchain and these records can't be deleted under any circumstance. This makes it very easy for the authorities to track down the flow of funds. There are anonymous cryptos such as Monero, but they have limited liquidity and can't be used for money laundering on a large scale.
June 29, 2021, 11:07:04 PM
for other poor countries it is possible, but for big countries like America, China and countries in Europe they will not do it. legalizing bitcoin as a means of payment is a difficult thing to accept. they fear the rate of money laundering will increase, because bitcoin is essentially decentralized. they may prefer to make their own version of digital money using blockchain. they want to have control so that there are no financial problems in their country.
June 29, 2021, 03:32:23 PM
It is not needed for a country to adopt bitcoin as a legal tender just to be labeled that they've adopted bitcoin. There were many countries that have been friendly to crypto, Malta, Japan just to name a new.
They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.
They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.
This kind of justification is what we have here in our country, the government doesn't announced a legal adoption of bitcoin as a currency but people and some other establishments are already using it, accepting it as a mode payment, many of us here in our country are preferring of putting an investment in cryptocurrency. I guess at this time the government officials of every nation were still thinking, observing the possible effect of adopting cryptocurrency before they going to announced the legal used. But in any sense bitcoin and crypto don't need to be announce as legal tender because people already knows the worth of bitcoin and without the permission of government people will still going to use and invest in bitcoin.
But the support of the government that haven't been recognized is that when they don't impose a ban and shows their support through allowing the circulation of cryptocurrencies in their jurisdiction.
Yet, some people are still demanding such as what happened in El Salvador. It's not all about being a legal tender as the main basis that a country shows support for crypto adoption.
June 29, 2021, 12:10:17 PM
I think your statement is not entirely true, because Japan was actually the first country that accepted Bitcoin as a "Currency" and even if some other countries does not accept it as a legal tender, people still buy and sell Bitcoin without their permission. Examples of countries where this is happening is Zimbabwe / Yugoslavia / Venezuela / Hungary ...where they are struggling with hyperinflation.
Most of these people are forced to do this, because they need to protect their wealth against a failing Fiat currency. So yes... other countries will also do this, because more and more countries are struggling economically and hyperinflation is becoming more common now.
Most of these people are forced to do this, because they need to protect their wealth against a failing Fiat currency. So yes... other countries will also do this, because more and more countries are struggling economically and hyperinflation is becoming more common now.
That's good to know. The more countries adopt Bitcoin as legal tender, the higher its demand will be. It makes sense for third-world countries to adopt Bitcoin as legal tender since their own currencies are dying because of hyperinflation. For developed countries like the US and the UK, that's another story. It's very unlikely Bitcoin will replace Fiat on developed countries, since governments see no need to make the switch. The US Dollar is still powerful even with Bitcoin in play. What could happen is that developed countries back their currencies to the value of 1 Bitcoin. If they did it with Gold, they can do it with Bitcoin.
Let's see what happens with Bitcoin after the next halving. I'm sure adoption will grow even higher as more countries join the game. Whatever happens, Bitcoin won't be going anywhere thanks to its decentralized and open source nature. Just my opinion
June 28, 2021, 04:09:02 PM
I know so far after accepting legalizing bitcoin in EI Salvador, some countries are thinking Bitcoin legitimacy in their country. Brazil, Poland, venuzuella, and hangerry.... Are ready to permit Bitcoin as their transactions systems in all spheres in life.
June 28, 2021, 03:53:57 PM
Depends on who will be the one who runs that country. if ever a man with having enough knowledge on what the cryptocurrencies can do, he will take advantage of it and use the opportunity to give his people some option of investment but of course, that would be some trouble if somethings might go wrong. however, promoting this industry has been a hard battle for those people who wanted it to become an official currency of the world. More adoptions are most likely will occur after they will witness the good result of those countries who adopt Bitcoin earlier.
June 28, 2021, 03:42:33 PM
we might expect so, what el Salvador took is a firm and bold step. While other countries do not legalize bitcoin, but in these countries adopt the digital currency. This is a very good step, with the existence of countries that have adopted this digital currency. recognize bitcoin currency, and other countries will start to slightly consider adopting the same thing in their country
June 28, 2021, 07:27:16 AM
El Salvador was in a better position to do this as compared with nearly any other country: they don't have their own currency and have been relying on USD. I think we are going to see this play out and depending on how that goes, we might see more countries doing the same thing. But this is going to take some time and there will major hurdles to overcome as forcing an entire country to use bitcoin the way El Salvador is going for it (anyone accepting money has to also accept bitcoin as it stands at the moment) is not going to be easy nor achieved quickly.
June 28, 2021, 07:22:33 AM
Maybe in the long term we can expect more countries to adopt Bitcoin into their economic structure. Right now El Salvador had taken a big step forward and the same has influenced small countries. Based on the development El Salvador attain over the falling years we can expect more countries adopt bitcoin.
June 28, 2021, 07:19:37 AM
surely other countries will follow El Salvador, if El Salvador manages to improve its economy by adopting Bitcoin...
Bitcoin cannot be stopped, countries that have been dependent on fiat will definitely try to find other alternatives to help their countries get out of financial problems. El Salvador is a pioneer in this regard and it is only a matter of time till many countries will follow El Salvador.
Bitcoin cannot be stopped, countries that have been dependent on fiat will definitely try to find other alternatives to help their countries get out of financial problems. El Salvador is a pioneer in this regard and it is only a matter of time till many countries will follow El Salvador.
June 28, 2021, 07:12:32 AM
Our country is slowly coming into this because the stand is not in negative side,
there has been some issue that the government agencies are giving warning to the people to choose which coin to invest an always check to Central banks about the legitimacy of the projects conducted.
so basically ? yes other countries will follow what El Salvador does.
there has been some issue that the government agencies are giving warning to the people to choose which coin to invest an always check to Central banks about the legitimacy of the projects conducted.
so basically ? yes other countries will follow what El Salvador does.
June 28, 2021, 06:52:34 AM
I think other developed countries currently don't want to make bitcoin a legal tender, as small countries, such as El Salvador, do, on the grounds that their developed economies are still strong, and their fiat currency can still compete with other developed countries. other countries, developed countries still make bitcoin as their asset, for now developed countries don't see that, but what will happen in front of us we don't know yet..
June 28, 2021, 05:50:25 AM
I think more countries will accept bitcoin as payment method. However cryptocurrency community is a big community, I think our community have big chance to dominating online transaction which means that our community is a big market. Beside big opportunity to earn profit from trading, there are many opportunities for investors and businessman to build new companies and new industries. I think the potential is very big.
June 28, 2021, 05:45:25 AM
It is not needed for a country to adopt bitcoin as a legal tender just to be labeled that they've adopted bitcoin. There were many countries that have been friendly to crypto, Malta, Japan just to name a new.
They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.
They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.
This kind of justification is what we have here in our country, the government doesn't announced a legal adoption of bitcoin as a currency but people and some other establishments are already using it, accepting it as a mode payment, many of us here in our country are preferring of putting an investment in cryptocurrency. I guess at this time the government officials of every nation were still thinking, observing the possible effect of adopting cryptocurrency before they going to announced the legal used. But in any sense bitcoin and crypto don't need to be announce as legal tender because people already knows the worth of bitcoin and without the permission of government people will still going to use and invest in bitcoin.
June 28, 2021, 05:27:59 AM
It is not needed for a country to adopt bitcoin as a legal tender just to be labeled that they've adopted bitcoin. There were many countries that have been friendly to crypto, Malta, Japan just to name a new.
They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.
They don't really have to declare it as a legal tender, they just have to allow their citizens use it and won't impose a crypto ban.
June 28, 2021, 04:49:19 AM
OP, we don’t know, but if some other country is incetivized to adopt Bitcoin as legal tender, then maybe they will. BUT, does Bitcoin actually need to become officially “legal tender” to be used as a currency? I believe it was working, and chugging along before El Salvador joined the bandwagon.
Maybe the officiation of being a legal tender adds some legitimacy to the status of bitcoin as a currency and an asset. This bandwagon would probably get much bigger if El Salvador can pull off all the things that they are announcing to the world.“Legitimacy”? Does Bitcoin really need “legitimacy”. It’s artificial, created and signed by a cabal into law. Bitcoin is an open, permissionless system. It doesn’t need “legitimacy” to be used. Anyone is welcome to use it. Bitcoin will work just as fine without El Salvador’s Legal Tender law.
June 26, 2021, 04:59:08 AM
The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
I have to admit that you made me laugh with this, because flying donkeys and goats will appear in the sky sooner than the US or the UK will accept any other currency as a legal tender. Consider that the UK has been in the EU for as long as 47 years, without ever giving up its national currency in favor of the euro, and that US politics is defending the US dollar by all possible means, no matter who is in power there.
A world in which there will be one and decentralized currency is still very far in the future, and maybe then it will not be needed or will not be as important as today. Despite the fact that I support Bitcoin, I still believe that every country should have its own currency, because it is part of national identity and sovereignty.
June 26, 2021, 04:40:48 AM
It would be wise for other countries to wait a bit and see how it goes. Maybe it's still too early to adopt Bitcoin as legal tender, because of problems like fees and volatility, as it would make people develop negative first impressions if they will be forced to deal with it. I wouldn't expect more legal tender adoption in the next months.
June 26, 2021, 04:06:46 AM
I think your statement is not entirely true, because Japan was actually the first country that accepted Bitcoin as a "Currency" and even if some other countries does not accept it as a legal tender, people still buy and sell Bitcoin without their permission. Examples of countries where this is happening is Zimbabwe / Yugoslavia / Venezuela / Hungary ...where they are struggling with hyperinflation.
Most of these people are forced to do this, because they need to protect their wealth against a failing Fiat currency. So yes... other countries will also do this, because more and more countries are struggling economically and hyperinflation is becoming more common now.
Most of these people are forced to do this, because they need to protect their wealth against a failing Fiat currency. So yes... other countries will also do this, because more and more countries are struggling economically and hyperinflation is becoming more common now.
June 26, 2021, 03:50:00 AM
It's a slow process but i'm sure the other will do the same or something like this. It's inevitable in a long term i guess.
June 26, 2021, 03:38:41 AM
My amateur economic opinion is that don't expect the bigger first world countries to be adopting Bitcoin as legal tender any time soon. Chances are, the smaller countries(e.g. El Salvador) will be going first simply because they have far less to lose. While the bigger first world countries like the US will be watching these countries very closely, taking a look if adopting Bitcoin as legal tender would do them more good or more harm (e.g. less control over money vs probably more economic activity).
I think it's not an amateur opinion, that sounds like what 1st world countries will do, I mean they won't simply acknowledge the fact that a 3rd world country is better than them. Maybe if the results in El Salvador is a resounding success, maybe they might consider. June 26, 2021, 03:02:41 AM
El Salvador became the first country in the world to adopt Bitcoin as legal tender. In a time where Fiat currencies are devaluing because of inflation, this is a pretty smart move. It's no secret that cryptocurrencies are becoming extremely popular in third-world countries. If this keeps up, Bitcoin may be able to destroy Fiat in its entirety.
Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks
I believe while other third world countries will likely follow in the El Salvadors step of adopting Bitcoin as a legal tender simply because of trying to break out of this financial burden of IMF/World Bank, it will be a bit more difficult for the more developed countries that you mentioned like the United States, The United Kingdom, and other powerful countries to adopt Bitcoin as a legal tender, this means they are losing their stand in terms of world economic power because if every country has adopted Bitcoin as a legal tender, who will play the Boss? Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks
June 26, 2021, 02:55:30 AM
My amateur economic opinion is that don't expect the bigger first world countries to be adopting Bitcoin as legal tender any time soon. Chances are, the smaller countries(e.g. El Salvador) will be going first simply because they have far less to lose. While the bigger first world countries like the US will be watching these countries very closely, taking a look if adopting Bitcoin as legal tender would do them more good or more harm (e.g. less control over money vs probably more economic activity).
I agree with you on this, larger countries will find it more challenging to implement the changes needed to adopt BTC or any crypto for that matter than smaller countries. I also feel that people being more vocal about this change in these larger, more developed countries will also be a hindrance since their views are distorted by the media. So, all in all, there will be some time before we see countries like Japan or USA adopt crypto for good. June 26, 2021, 02:47:07 AM
OP, we don’t know, but if some other country is incetivized to adopt Bitcoin as legal tender, then maybe they will. BUT, does Bitcoin actually need to become officially “legal tender” to be used as a currency? I believe it was working, and chugging along before El Salvador joined the bandwagon.
Maybe the officiation of being a legal tender adds some legitimacy to the status of bitcoin as a currency and an asset. This bandwagon would probably get much bigger if El Salvador can pull off all the things that they are announcing to the world. June 26, 2021, 02:42:32 AM
OP, we don’t know, but if some other country is incetivized to adopt Bitcoin as legal tender, then maybe they will. BUT, does Bitcoin actually need to become officially “legal tender” to be used as a currency? I believe it was working, and chugging along before El Salvador joined the bandwagon.
June 26, 2021, 02:19:51 AM
Actually, I do not think that in the short term any will be added in a formal way, for what it implies, but if countries are to be added to allow it more diffusion, in fact there are already several countries that allow transactions with bitcoin not as a formal currency, so the question is; which countries really need it as a currency.
Days ago I read this article that has its own selection:
https://www.cityam.com/more-countries-line-up-to-make-bitcoin-legal-tender-which-one-will-be-next/
Days ago I read this article that has its own selection:
https://www.cityam.com/more-countries-line-up-to-make-bitcoin-legal-tender-which-one-will-be-next/
June 25, 2021, 09:26:39 PM
El Salvador became the first country in the world to adopt Bitcoin as legal tender. In a time where Fiat currencies are devaluing because of inflation, this is a pretty smart move. It's no secret that cryptocurrencies are becoming extremely popular in third-world countries. If this keeps up, Bitcoin may be able to destroy Fiat in its entirety.
Not really sure if Bitcoin will destroy Fiat though.
Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
I don't see these powerful countries adopting Bitcoin just like what third countries are doing or would do in the future. They are so powerful that they won't allow Bitcoin to be the global currency.
Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks
If El Salvador becomes successful then they why? But I'm seeing Central America or Africa nations who are under developed or third world countries will dig their hands and used as legal tender, but they should also be ready for the consequences from IMF or even WB.
June 25, 2021, 08:54:17 PM
My amateur economic opinion is that don't expect the bigger first world countries to be adopting Bitcoin as legal tender any time soon. Chances are, the smaller countries(e.g. El Salvador) will be going first simply because they have far less to lose. While the bigger first world countries like the US will be watching these countries very closely, taking a look if adopting Bitcoin as legal tender would do them more good or more harm (e.g. less control over money vs probably more economic activity).
June 25, 2021, 07:42:19 PM
El Salvador became the first country in the world to adopt Bitcoin as legal tender. In a time where Fiat currencies are devaluing because of inflation, this is a pretty smart move. It's no secret that cryptocurrencies are becoming extremely popular in third-world countries. If this keeps up, Bitcoin may be able to destroy Fiat in its entirety.
Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks
Now, it's only a matter of time before other countries follow suit in adopting Bitcoin as legal tender. It's yet the time where a developed country hasn't adopted Bitcoin as legal tender. The United States, The United Kingdom, and other powerful countries still rely on Fiat. Imagine what will happen if they decide to abandon Fiat in favor of Bitcoin. It would decentralize the global economy.
Do you think other countries will follow El Salvador's decision of adopting Bitcoin as legal tender? If not, why? Your input will be greatly appreciated. Thanks
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